We are able to offer car finance to customers who struggle to get loans through mainstream lenders. We do not offer guaranteed car finance to our customers and we would advise you to be careful when considering using a car finance company that promises guaranteed car finance to anyone in any circumstances if you have experienced bad credit in the past.
Why? Because like all lenders we have approval criteria that have to be met before we can approve a customer for bad credit car finance. We want to help our customers re-establish their credit and this means we have to look at the customers current financial situation to understand whether they are able to afford the car finance and pay it back within the term agreed if they have experienced bad credit in the past.
We also have set vehicle criteria which has to be met so we are confident that our customers have a car that will be suitable for them and meets their requirements if they have experienced bad credit.
Your current circumstances including employment, income and expenditure all have to be taken into consideration before being approved for bad credit car finance.
We are able to work with you to ensure we understand the full picture of your financial situation and your bad credit profile.
We are regulated by the Financial Conduct Authority (FCA). Their aim is to “make sure that financial markets work well so that consumers get a fair deal”, which means we must adhere to their strict regulations when it comes to providing consumers with finance. By being FCA regulated means that you can buy with confidence.
Once you’ve been approved for finance, you are under no obligation to accept. We want our customers to make the right decision for them when purchasing a new car with previous bad credit.
You should be made aware that it is illegal for businesses to advertise guaranteed car finance for bad credit. The Consumer Credit (Advertisements) Regulations 2010 clearly states that finance companies cannot advertise unless the loans that they are offering are available to anyone who applies, no questions asked.
The companies using these types of adverts are simply using this to draw your attention to their advert for bad credit car finance.
If a finance provider is offering bad credit car loans to anyone with no questions asked, is this an ethical way of operating? We would say no because they do not understand the customer’s financial situation and whether they can afford a car on finance or have experienced bad credit in the past.
Just remember, if you have county court judgements, a poor credit rating, defaults, payment arrears, have been previously bankrupt or are in an IVA or payment arrangement it does not mean you won’t be able to get car finance with us due to your bad credit.